Dr Delos Cosgrove, the Cleveland Clinic chief executive.
Dr Delos Cosgrove, the Cleveland Clinic chief executive.
Dr Delos Cosgrove, the Cleveland Clinic chief executive.
Dr Delos Cosgrove, the Cleveland Clinic chief executive.

In theatre on the war against disease in Abu Dhabi


  • English
  • Arabic

Dr Delos Cosgrove has performed more than 22,000 operations in his time and today presides over a US$5 billion (Dh18.36bn) healthcare empire that extends to Abu Dhabi.

The Cleveland Clinic chief executive is overseeing the creation of a 360-bed hospital in the capital due to open next year.

As a surgeon in the US Air Force during the Vietnam War, he was awarded a bronze star.

Now he has set his sights on taking the fight against disease to the capital and here he talks about his hopes.

q&a

Where will you source your medical staff for the hospital?

We'll probably have 3,000 employees. The physician and nursing leadership will be Cleveland Clinic. About a third of the physicians should be from Cleveland in the United States and the rest will be sourced from as many places as we can find great docs.

What are your research strengths?

Our cardiovascular is very strong, the second is cancer and the third is diabetes. We are concerned that, as the world gets older, the incidence of degenerative neurological disease is beginning to become a huge issue. For instance in the US we now know if you live to be 80, you have a 25 per cent chance of having Alzheimer's disease. So recognising the brain is the last frontier of research. We have put together a major centre for brain health, looking particularly at Alzheimer's and testing drugs to delay or reverse [it].

What are the challenges involved in setting up in Abu Dhabi?

The whole world is searching for the right way to cost effectively deliver health care. If you look at what is going on in Europe they are going increasingly to privatisation. If you look at the US it's going just the opposite way. Abu Dhabi is straddling both and trying to figure the correct balance and model. There's a level of expectation from the Government and a level of expectation from patients, and I think a lot of those have to coalesce around what becomes the most cost effective way of delivering care.

Is your organisational focus on treatment or research?

The name is on the door. We are the Cleveland Clinic. We are not the Cleveland Research Institute or the Cleveland University. We're like a tricycle; the big wheel is the clinical care, the two supporting wheels are research and education. I don't think you can teach until you establish the capacity to look after people well and teach other people to do it … [or] do research until such time as you have the patients on which to base your clinical research, so the big wheel has to come first.

How hard has the transition been from the US to the Arabian Gulf?

It is a challenging area to work. What we like about Abu Dhabi is the desire to do things appropriately and well and continue to improve. We think the pendulum is moving in the right direction - there's no question about that. Is it the US or western Europe? No. But it is in a process of becoming increasingly flexible. It is pretty stunning when you consider this is a country that is only 40 years old.

How should this region tackle chronic illnesses such as diabetes?

The big push has to be around education and public health. If you don't, if people don't understand about smoking, the need for exercise or eating appropriately, then the incidence of diabetes will continue to go up. In the US right now, 10 per cent of the healthcare costs are secondary obesity and in 10 years we expect it to be 20 per cent of healthcare costs. So unless we can control … obesity we will [not] control the cost of health care. In the US we are leading the way in getting fat. At least we're leading the way in something.

Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
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The specs

Engine: 2.0-litre 4-cylinder turbo hybrid

Transmission: eight-speed automatic

Power: 390bhp

Torque: 400Nm

Price: Dh340,000 ($92,579

Origin
Dan Brown
Doubleday

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

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MATCH INFO

Uefa Champions League quarter-final (first-leg score):

Juventus (1) v Ajax (1), Tuesday, 11pm UAE

Match will be shown on BeIN Sports

Ad Astra

Director: James Gray

Stars: Brad Pitt, Tommy Lee Jones

Five out of five stars 

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Babumoshai Bandookbaaz

Director: Kushan Nandy

Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami

Three stars

UAE currency: the story behind the money in your pockets
Australia tour of Pakistan

March 4-8: First Test, Rawalpindi

March 12-16: Second Test, Karachi

March 21-25: Third Test, Lahore

March 29: First ODI, Rawalpindi

March 31: Second ODI, Rawalpindi

April 2: Third ODI, Rawalpindi

April 5: T20I, Rawalpindi

Mumbai Indians 213/6 (20 ov)

Royal Challengers Bangalore 167/8 (20 ov)

The specs
Engine: 2.4-litre 4-cylinder

Transmission: CVT auto

Power: 181bhp

Torque: 244Nm

Price: Dh122,900 

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

Points classification after Stage 4

1. Arnaud Demare (France / FDJ) 124

2. Marcel Kittel (Germany / Quick-Step) 81

3. Michael Matthews (Australia / Sunweb) 66

4. Andre Greipel (Germany / Lotto) 63

5. Alexander Kristoff (Norway / Katusha) 43

Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

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